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Winnipeg Free Press
3 days ago
- Business
- Winnipeg Free Press
Many homeowners plan to rein in spending as mortgage payments rise upon renewal: TD
TORONTO – A survey shows nearly half of homeowners facing a mortgage renewal in the next year expect their monthly payments to go up — with many anticipating having to adjust their budget to keep up with the higher cost. A TD Bank Group survey, conducted between April 10 and 18, shows 57 per cent of homeowners expect the renewal to impact their living situation and 73 per cent of those say they'll need to cut back on spending. Even as the Bank of Canada has reduced its benchmark interest rate over the past year, borrowing costs are still elevated compared to pre-2022 levels. Nearly a quarter of the 890 homeowners surveyed who are set to renew their mortgage in the next year say they will be adjusting their financial approach. The survey shows 43 per cent of those will be putting renovations on pause, while 29 per cent plan on downsizing. Options such as moving in with a roommate or moving to a different neighbourhood are also on the table. TD's vice-president of product management Patrick Smith says 75 per cent of homeowners are leaning toward a fixed-rate mortgage upon renewal instead of a variable rate. Monday Mornings The latest local business news and a lookahead to the coming week. This report by The Canadian Press was first published June 5, 2025. Companies in this story: (TSX:TD)
Cision Canada
3 days ago
- Business
- Cision Canada
Nearly three quarters of impacted Canadian mortgage renewers plan to tighten pocketbooks to keep up with higher payments Français
Prospective buyers are also making concessions, 55 per cent of prospective buyers are reducing non-essential expenses and 31 per cent are drawing from investments TORONTO, June 5, 2025 /CNW/ - As global events continue to introduce financial uncertainty and housing affordability remains top of mind for Canadians, a new survey from TD Bank Group revealed the challenges that mortgage renewers face. Nearly half (45 per cent) of those renewing in the next year expect higher monthly payments and 57 per cent anticipate an impact to their living situation. Of these renewers, 73 per cent say they'll need to cut back on spending to keep up. Despite interest rates generally trending downward in recent months, they have not reached the historic lows that Canadians experienced for over a decade ending in 2022. With nearly a quarter (22 per cent) of those surveyed set to renew their mortgages in the next year, many plan to adjust their overall financial approach: 43 per cent say they will need to put their renovations on pause; 29 per cent say they will need to sell their home and buy a more affordable one, or downsize; 15 per cent say they will need to consider moving in with a roommate to share costs; 15 per cent say they will need to move to a different neighbourhood. "While our survey found that 75 per cent of those preparing to renew their mortgage this year are leaning towards a fixed instead of a variable rate mortgage, it's important to remember that there isn't a one-size-fits-all approach to choosing what will work for you," said Patrick Smith, Vice President, Product Management, Real Estate Secured Lending at TD. "We know Canadians are looking for quick and valuable mortgage advice, and TD is here to support with that. By providing tailored insights, our mortgage specialists can help you understand your options and create a strategy that can work for your unique needs." Despite a cooling of the market in front end of the year, prospective buyers are also considering concessions in the hopes of making a move in the housing market and are adjusting their financial approach to do so. According to survey results, 55 per cent of prospective buyers polled are reducing their non-essential expenses, while 31 per cent are planning on cashing in their current investments, such as Tax Free Savings Accounts, Registered Retirement Savings Plans, and First Home Savings Accounts. The Value of Advice As Canadians continue to pursue their homeownership ambitions, whether purchasing their first home, selling their existing one, or simply looking to better understand the mortgage process, seeking advice is key, yet only 35 per cent of those surveyed have sought out homeownership advice. Nearly four in ten (39 per cent) prospective buyers polled say quick access to advice from a professional would make them more confident in their ability to keep up with the Canadian housing market. "As Canadians navigate a dynamic economy that seems to be evolving daily, we understand how challenging it can be for them to know if they're making the right decision when it comes to real estate," added Smith. "Different factors can impact each individual's home buying decisions in unique ways. No matter their current reality, TD can offer advice to help you make those important financial decisions with confidence." Navigating the Emotions of Homebuying While many Canadians remain steadfast in their pursuit of owning a home, prospective buyers polled admit the process can also stir up mixed emotions. Some Canadians polled feel stress (45 per cent) and anxiety (38 per cent) while navigating the homebuying journey; despite this, Canadians polled also say the process brought on feelings of excitement (34 per cent), hopefulness (33 per cent), and optimism (32 per cent). Although the homebuying experience will be unique for everyone – bringing different challenges, outcomes, and emotions – Canadians looking to make a move in the housing market can benefit from advice as they navigate this stage of their journey. Looking for mortgage help ASAP? Simply answer a few questions and TD Mortgage Direct will match you with a TD Mortgage Specialist who can work with you to provide mortgage advice personalized for your home ownership journey. About the TD Survey This survey was undertaken by The Harris Poll Canada. It ran from the 10th to 18 th of April 2025, with 890 randomly selected Canadian homeowners and 881 randomly selected Canadians planning to buy a home within the next 5 years. A minimum of n100 respondents were surveyed in British Colombia, Alberta, Saskatchewan & Manitoba, Ontario, Quebec and Atlantic Canada for each audience (homeowners and prospective buyers) to allow for comparisons between the regions. The data has also been weighted on age, gender and region to match the 2024 instance of this study to allow for year-on-year comparisons. For comparison purposes, a probability sample of this size has an estimated margin of error (which measures sampling variability) of ±3.3% for each audience, 19 times out of 20. Discrepancies in or between totals when compared to the data tables are due to rounding. About TD Bank Group The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by assets and serves over 27.9 million customers in four key businesses operating in a number of locations in financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Auto Finance Canada; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., and TD Wealth (U.S.); Wealth Management and Insurance, including TD Wealth (Canada), TD Direct Investing, and TD Insurance; and Wholesale Banking, including TD Securities and TD Cowen. TD also ranks among the world's leading online financial services firms, with more than 18 million active online and mobile customers. TD had $2.1 trillion in assets on April 30, 2025. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto Stock Exchange and New York Stock Exchange.
Calgary Herald
27-05-2025
- Business
- Calgary Herald
Calgary Public Library receives $300,000 from TD to support Indigenous artists
The Calgary Public Library has received a $300,000 donation from TD Bank Group to support its Indigenous newcomer artist-in-residence and elder-in-residence programs. Article content Article content The funding, announced on Tuesday, will support the programs through the next three years, according to Tracy Johnson, CEO of the Calgary Public Library Foundation. Article content The programs will offer paid opportunities for artists to 'engage with community through art, storytelling and mentorship,' she said, by leading programs, hosting workshops and engaging with library visitors in one-on-one meets. Article content Article content 'These residencies play a vital role in fostering cross-cultural understanding and amplifying diverse perspectives across the city,' Johnson added. Article content Article content The residencies, according to Johnson, have been ongoing for a number of years, although in different iterations. This one, she said, will support burgeoning artists and offer workshops to the public on the teachings of the medicine wheel, residential school legacies, smudge training and the difference between appreciation and appropriation. Article content Calgary Public Library CEO Sarah Meilleur said that with the help of TD, the library can create 'opportunities and give voices to historically underrepresented communities.' Article content One of the newcomer artists-in-residence for this year is Morgan Black, a member of Ts'kw'aylaxw First Nation, who since March has already offered a number of public workshops and one-on-one meets. Article content Her work 'incorporates scenes of reconnecting to traditional storytelling practices colonization and decolonization and taking a critical look at truth and reconciliation,' said Meilleur, inspired by her own childhood memories of living on her ancestral land before moving away to Treaty Seven. Article content Robert Ghazal, senior vice-president and Alberta region head for TD Bank Group, said the donation comes as a result of a longtime relationship with the library foundation and is part of the bank's commitment to their corporate citizen platform, which will see the bank donating up to one billion to 'support change, nurture progress and contribute to making the world a better place.'
Cision Canada
27-05-2025
- Business
- Cision Canada
TD marks 30 years championing Canada's young changemakers Français
2025 TD Scholarships for Community Leadership recipients join alumni network with leaders in various industries TORONTO, May 27, 2025 /CNW/ - TD Bank Group (TD) is proud to mark the 30th anniversary of the TD Scholarships for Community Leadership with the announcement of the 2025 Scholarship recipients. "For 30 years, we've had the honour of learning from and supporting some of Canada's most inspiring young people as they navigate their post-secondary education and start their careers" said Alicia Rose, AVP Social Impact and Strategy Canada at TD. "What's powerful about this program is the richness of the community that has been built over the decades. Many alumni of the program are out in the world launching nonprofits, shaping policy, driving inclusive innovation, and contributing to our communities in countless ways. TD is proud to support and stand alongside the 2025 recipients as they join this network of changemakers, many of whom are actively contributing to the future of our country." The year's recipients are: Alex Wilson-Zegil, Manitoulin Secondary School, Gore Bay, ON Ali Futa, Port Perry High School, Cannington, ON Aria Law, York House School, Burnaby, BC Ambreena De Menech, A.B. Lucas Secondary School, London, ON Ayesha Bukhari, Ernestown Secondary School, Amherstview, ON Chinmay Jindal, Harold M. Brathwaite Secondary School, Brampton, ON Clara Tremblay, Cégep d'Alma, Saint Gédéon, QC Joanna Cai, John Oliver Secondary School, Vancouver, BC Hamid Ali, Edmonton Islamic Academy, Edmonton, AB Hannah Johnston, Governor Simcoe Secondary School, St. Catharines, ON Haleema Malik, Westwood Community High School, Fort McMurray, AB Loukas Juritsch, Waterloo Collegiate Institute, Waterloo, ON Natalie Mitchell, Holy Heart of Mary High School, Portugal Cove-St. Philips, NL Noah Bryan, Bayview Secondary School, Richmond Hill, ON Nathan Hellner-Mestelman, Mount Douglas Secondary School, Victoria, BC Rachel Simantov, Dr. E.P. Scarlett High School, Calgary, AB Sophie Fan, Marianopolis College, Montreal, QC Shahdad Shafiei, Moscrop Secondary School, Burnaby, BC Tamika Gideon, Dalhousie Regional High School, Charlo, NB Tamana Haidari, Prince of Wales Collegiate, St. John's, NL The 2025 recipients join a network with many active changemakers, including Larissa Vingilis-Jaremko, who was awarded the scholarship in 2001 and is the Founder and President of the Canadian Association for Girls in Science (CAGIS). "The TD Scholarship for Community Leadership had a huge impact on my life - it provided me with financial stability during my undergraduate studies and welcomed me into an incredible network of community leaders from across the country," said Larissa. "The shared experiences, mentorship, collaboration, and community support among the scholars and alumnae supported my career and fostered even greater societal change. I continue to engage with this inspiring group and now provide my mentorship and support to the next generation of changemakers recognized and celebrated by TD through this program." Since 1995, the program has provided 600 young people with a total of $30 million in scholarships to support their post-secondary tuition and living expenses. Recipients also have the opportunity to participate in summer employment with TD or at a community organization funded by the Bank through the TD Ready Commitment, in addition to mentorship and networking opportunities. To learn more about this year's recipients and for complete information about the TD Scholarships for Community Leadership program, including eligibility requirements, please visit: Applications for 2026 scholarships will be available online starting September 2025. About The TD Ready Commitment TD has a long-standing commitment to deliver on its purpose to enrich the lives of its customers, colleagues, and communities. As part of its corporate citizenship platform, the TD Ready Commitment, TD is targeting C$1 billion by 2030 towards community giving and colleague engagement in four areas that we call the Interconnected Drivers of Change: Financial Security, Vibrant Planet, Connected Communities and Better Health. Through the TD Ready Commitment, TD aspires to work with non-profit and community-based organizations to help make a positive impact for the customers and communities we serve. For further information, visit About TD Bank Group The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by assets and serves over 27.9 million customers in four key businesses operating in a number of locations in financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Auto Finance Canada; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., and TD Wealth (U.S.); Wealth Management and Insurance, including TD Wealth (Canada), TD Direct Investing, and TD Insurance; and Wholesale Banking, including TD Securities and TD Cowen. TD also ranks among the world's leading online financial services firms, with more than 18 million active online and mobile customers. TD had $2.1 trillion in assets on April 30, 2025. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto Stock Exchange and New York Stock Exchange.
Vancouver Sun
23-05-2025
- Business
- Vancouver Sun
TD Bank cutting 2% of workforce as part of restructuring effort
TD Bank Group said Thursday that it's cutting about two per cent of its workforce as the bank works to reduce costs and refocus spending under new leadership. The job cuts amount to a little over 2,000 employees based on the roughly 101,800 employees it had last year. TD made the announcement as it reported a second-quarter profit of $11.1 billion, though earnings included an $8.6 billion after-tax boost from the sale of its shares in the Charles Schwab Corp. The share sale, and the job cuts, come as TD continues to work to move past its massive anti-money laundering oversight scandal that saw it pay over US$3 billion in fines last year, led U.S. regulators to put limits on its assets there, and resulted in former CEO Bharat Masrani stepping down. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. Current chief executive Raymond Chun, who took on the role at the start of the second quarter, said the bank is working to turn the page. 'We are structurally reducing costs across the bank by taking a disciplined look at our operations and processes,' said Chun on an earnings call Thursday. 'I want to thank our colleagues across the bank for their tremendous dedication and efforts. Together, we are writing the next chapter of this great institution's story.' The job cuts come as part of a wider restructuring that will see the bank also cut back on some real estate, wind down some business and write off some assets as part of its strategic review, said chief financial officer Kelvin Tran. He said the bank will look to achieve the job cuts whenever possible through attrition and will also shift employees to areas where it's working to expand its capabilities. TD took a $163 million pre-tax charge in the quarter from the restructuring, mostly from real estate, while it expects around $650 million in pre-tax charges over the next several quarters from severance and other costs. It said the restructuring should lead to around $600 million in annual pre-tax savings when complete, money the bank plans to plow back into the business such as artificial intelligence and technology, said Tran. 'Through this restructuring program and the strategic review more broadly, we are innovating to drive efficiency and structurally reduce the bank's cost base,' he said. The moves also come as companies everywhere grapple with macroeconomic uncertainty and hesitant consumers and businesses. Chun noted housing activity was down in the quarter, while the bank has also seen moderated foreign currency spending as consumers are more cautious, especially with cross-border purchases. But the bank's provisions for potentially bad loans rose only modestly in the quarter, up $103 million from the previous quarter to $1.2 billion, or up $211 million from the same quarter last year. The provisions build was lower than analysts expected, helping TD's adjusted earnings of $1.97 per diluted share easily beat the $1.76 per share profit analysts had expected, according to LSEG Data & Analytics. The measure was still down from the $2.04 a share the bank made in the same quarter last year. Jefferies analyst John Aiken said in a note that TD came in ahead of expectations in most segments, though he wonders if the market will see the provisions as enough for the uncertainty ahead. TD said the provisions increase was related to policy and trade uncertainty, while it otherwise would have likely seen rates potentially coming down as consumers benefit from lower interest rates. Revenue for the quarter totalled $22.9 billion, up from $13.8 billion in the same quarter last year. TD said its Canadian personal and commercial banking business earned just under $1.7 billion in its latest quarter, down from just over $1.7 billion in the same quarter last year as it saw higher provisions for credit losses and non-interest expenses, partially offset by higher revenue. TD's U.S. retail operations earned $120 million in the second quarter, down from $507 million a year earlier. The bank's wealth management and insurance business earned $707 million in its latest quarter, up from $621 million a year ago. TD's wholesale banking division earned $419 million, up from $361 million in the same quarter last year. Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our daily newsletter, Posted, here .
